rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
If you have any grievances or disputes regarding the demand stated in the notice, consider seeking professional help.
At a time when consumers increasingly embrace green mobility solutions, it is not electric cars but hybrids that are taking the lead, as automotive sales data indicate. Since January, 64,097 electric cars have been sold compared to 266,465 hybrids, according to data from the Ministry of Road Transport and Highways' Vahan dashboard. Hybrid car sales have surged from 4.42 per cent of the 4.1 million cars sold in calendar year 2022 to 7.2 per cent this year.
Faced with prospect of its assets across the globe being seized just like Pakistan and Venezuela, the government decided to scrap retrospective taxation but the international embarrassment could have been avoided had 'attached' shares of Britain's Cairn Energy Plc not been sold, according to tax and legal experts. On Thursday, the government introduced a Bill in Parliament to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including UK telecom giant Vodafone, but substantial punitive action was taken only in the case of Cairn.
High inflation print is the price that the Reserve Bank of India (RBI) will have to pay to nurse a fragile growth back, say economists. Wholesale Price Index-based inflation rose to a record high of 12.94 per cent in May, aided by low base effect, but also because of higher fuel and commodity prices. Retail inflation, too, surprised by rising to 6.30 per cent, while the core inflation, which is the non-food and non-fuel component, rose to an 83-month high of 6.55 per cent. These numbers are much above RBI's upper limit of 6 per cent inflation target, but there is very little that the RBI can do at this moment.
Instead of only focusing on the tenure for which the best interest rate is available, investors should also focus on their own investment horizon.
The government's plan to cut the corporation tax rate while phasing out exemptions may be sound, but it may not mean a reduced tax burden for India Inc.
These plans are best suited for individuals with a lower risk appetite as they provide guaranteed benefits.
A term plan's premium is lower than that of a wholelife plan.
Some of the disclosures in the ITR form, under review at present, increases procedural hassles for expats
Any business that makes inter-state supply is outside the ambit of the scheme
The Finance Act, 2020, has inserted a sub-section, mandating a seller to deduct tax equal to 0.1 per cent of sale proceeds if the value of goods sold exceeds Rs 50 lakh in a financial year.
Begin by creating a household budget. Involve all family members in the exercise and cut costs wherever possible.
rediffGURU Nikunj Saraf suggests considering small-cap, mid-cap, and multi-cap mutual funds.
E-sports experts say the burgeoning sector will not be affected by the Goods and Services Tax (GST) Council's recent decision to levy a blanket 28 per cent tax on online gaming, which is being viewed by the industry as a death blow to gaming companies.
The highest collection target has been given to Mumbai at Rs 4.39 trillion, followed by Delhi and Bengaluru.
India Inc on Thursday pitched for continuation of reforms while ensuring tax and policy stability in the forthcoming Budget to prop up the economy hit hard by the COVID-19 pandemic. In the virtual pre-Budget consultation held with Finance Minister Nirmala Sitharaman, industry chambers said that government measures will help firmly entrench the nascent signs of recovery being currently seen in private investment. Capital expenditure by the government through enhanced infrastructure spending should in the meantime continue to support growth, CII president TV Narendran said.
Ninety-nine companies, which also include some unlisted ones, have more than Rs 100 crore each of minimum alternate tax credit on their books, cumulatively adding up to Rs 75,000 crore. By utilising MAT credit, many companies will be able to bring down their effective tax cost.
Following the sharp run in markets, valuations across the board have become elevated. The National Stock Exchange Nifty50 Index now trades at a 12-month trailing price-to-earnings (P/E) multiple of 24.3 times, 18 per cent higher than this year's low of 20.5 times. The valuation expansion in the broader markets has been sharper.
In an online chat with Rediff.com readers, personal finance expert Anil Rego answered queries about the new tax regime announced in the Union Budget.
Many exemptions make little sense, such as a monthly exemption of Rs 100 for college education and Rs 300 for hostel fees.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
Evaluate recurring investment products and do the numbers before making any investments.
Operational and compliance challenges foreseen for fund houses in deducting tax at source, resulting in possible TDS mismatches and disputes with investors.
To propel demand, one should concentrate on indirect taxes and bring down the goods and services tax (GST) rates to a uniform 12 per cent as the Vijay Kelkar panel had recommended, said Ajit Ranade, chief economist at Aditya Birla Group.
To help our readers with all their tax queries, Rediff Business arranged a chat with tax experts Mr A N Shanbhag and Mr Sandeep Shanbhag on Thursday.
Transcript of the tax chat held on March 12.
This is, say tax experts, the first time that a car race circuit has been held to be the permanent establishment of an assessee.
The mutual fund (MF) industry had an action-packed 2023 as it tackled the scrapping of tax benefits for debt fund investors and surging flows into equity funds.
'The barbell strategy says that the best way to strike a balance between risk and reward is to invest at the extremes of the risk spectrum.'
Business success often involves a combination of planning, implementation, and continuous learning, says rediffGURU Harsh Bharwani.
After taking charge, P Chidambaram promised fine-tuning of policies and place a stable tax regime.
The combined share of customs and excise duties, service tax, and value-added tax in India's gross domestic product reached an all-time high of 10.5%.
Prasanna D Zore/Rediff.com reports on the chaos facing taxpayers with the income tax department making changes to ITR 2 and 3 forms just before tax-filing deadline.
Giving a thumbs up to the Union Budget 2010-11, which has offered tax relief to common man, experts termed the proposals as balanced and good for the stock market.
Market regulator Sebi suppressed important facts from the Supreme Court and "slept over" Directorate of Revenue Intelligence's letter on alleged stock manipulation by the Adani firms, one of the PIL petitioners in the Adani-Hindenburg row has alleged in the top court in an affidavit. The apex court is seized of four PILs on the Adani-Hindenburg controversy including those by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and law student Anamika Jaiswal. On August 25, SEBI had informed the apex court it has completed the probe in all but two allegations against the Adani group, and is still awaiting information from five tax havens on the actual owners behind the foreign entities that have invested in the conglomerate.
What is worrying is that this year, angel investments and seed funding deals have fallen by 40 per cent, ringing alarm bells in the start-up community in India.
The government's decision to opt for a non-binding attempt at conciliation and under Indian law in its tax dispute with telecom multinational Vodafone is understandable, note experts.
Headline excise and service tax rates might not change but select sectors could get tax sops and tax holidays.
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